China’s top refineries will cut crude runs this month by 5.6 per cent from record rates in February as plants take turnarounds to trim swelling stocks.

Twelve major plants accounting for more than a third of China’s total crude run capacity, most of them on the eastern and southern coast, plan to process 2.175 million barrels per day (bpd) crude in March, 161,000 bpd less than February, a Reuters poll showed.

Oil firms were anxiously waiting for a strong uptick in fuel demand after a lull since late January through February as cold winter weather and Lunar New Year holiday slowed industrial activities and construction works.

“The market is not helping, especially for diesel. We may have to wait until April and May for a strong rally,” said an executive with one Sinopec refinery.

Refineries had since last Septebmer been operating at top rates, enticed by strong signals of an economic recovery and a favourable fuel pricing system that protects margins when crude is under $80 a barrel.

But the supply build appeared to have outpaced demand growth, as inventories of major oil products climbed for the third month in the row in January despite months of hefty fuel exports.

At least three top plants — Zhenhai, Gaoqiao and Qilu — have planned maintenance this month, the Reuters survey found. China has kept its retail fuel prices unchanged since last November, but rising global crude prices that have since mid-February clung to $80 a barrel will have squeezed refiner margins and will likely encourage plants more exports.